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Tuesday, April 1, 2014


Sector update
"Marketing feedback - Stay invested"

- Interest level in the sector is high, with many funds willing to explore lesser-known names as well. Main pushback is on valuations, but we think these are justified by growth.

- We remain most bullish on Vietnam, Indonesia and the Philippines, which we coin the VIP markets. In particular, we think Vietnam remains under-invested.

- Underpenetration of modern retail and rising income levels will continue to drive structural growth for consumer companies in these markets. Maintain Overweight.

*Top picks in PH

Source: Maybank

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